Bitcoin’s recent price movement has taken the cryptocurrency world by storm. The altcoins too have followed the king currency facing volatility. When compared to yesterday when the global crypto market was flashing green, today it has succumbed to bearish control.
Meanwhile, there are a few lesser-known altcoins like Algorand, Selfkey, STEPN (GMT) among others.
STEPN (GMT) To Have More Bullish Momentum
STEPN (GMT), which is among the top 60 largest cryptocurrencies by market cap, has seen a massive bull rally this week forming a “bull flag” technical pattern.
When looked at week-to-date, GMT price rose 30% which also includes a massive bull run hitting an all-time high near $3.85 which was followed by a slight correction around $3. This correction occurred inside a descending parallel channel and this gave rise to the prospects that the price might head towards a breakout to the uptrend.
The reason for this is mainly because traditional analysts are taking into account the strong run-ups and range-trapped price corrections. And also the one STEPN (GMT) has been waving a bull flag and could easily push the GMT price to an upper end in the weeks ahead, as shown in the chart below.
Generally, traders look at the previous uptrend’s height and project it from the breakout point to analyze the bull trend. When the classic setup is applied on GMT’s chart, it reveals that the price is now looking closely for an upswing above $5, accounting for about 65% above the current price.
At the press time, STEPN (GMT) is trading at $3.20 with a plunge of 1.75% over the last 24hrs.
According to Thomas Bulkowski, who is a veteran investor and analyst, the bull flag achieving the success rate which will lead to the upside run target will gain 64%.
However, the risk of a price decline towards $2 becomes even higher if the GMT’s price manages to break below the bull flag’s lower trendline, which is a last line of support and coincides with the 50-4H exponential moving average (50-4H EMA; the red wave) at $2.91.